Ceva (NASDAQ:CEVA) Releases Quarterly Earnings Results, Hits Expectations

Ceva (NASDAQ:CEVA) issued its quarterly earnings data on Tuesday. The semiconductor company reported $0.18 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.18, FiscalAI reports. Ceva had a negative net margin of 10.49% and a negative return on equity of 3.54%. The firm had revenue of $31.29 million during the quarter, compared to analysts’ expectations of $31.03 million. During the same period in the prior year, the company posted $0.11 earnings per share. Ceva’s revenue for the quarter was up 7.1% on a year-over-year basis.

Ceva Price Performance

Shares of Ceva stock opened at $22.67 on Tuesday. The company has a market cap of $544.53 million, a PE ratio of -49.28 and a beta of 1.50. The firm has a fifty day moving average price of $22.28 and a two-hundred day moving average price of $23.72. Ceva has a fifty-two week low of $18.23 and a fifty-two week high of $38.94.

Analyst Ratings Changes

CEVA has been the topic of a number of analyst reports. Rosenblatt Securities reissued a “buy” rating and set a $40.00 price objective on shares of Ceva in a report on Tuesday, November 11th. Barclays increased their price target on Ceva from $30.00 to $35.00 and gave the company an “overweight” rating in a report on Wednesday, November 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Ceva in a research note on Friday, January 9th. Stifel Nicolaus initiated coverage on shares of Ceva in a research note on Tuesday, February 10th. They issued a “buy” rating and a $30.00 target price on the stock. Finally, Loop Capital began coverage on shares of Ceva in a report on Monday, December 1st. They issued a “buy” rating and a $28.00 target price on the stock. Five investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Ceva presently has an average rating of “Moderate Buy” and an average target price of $33.20.

Institutional Investors Weigh In On Ceva

A number of institutional investors have recently added to or reduced their stakes in CEVA. Russell Investments Group Ltd. raised its holdings in Ceva by 771.8% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,380 shares of the semiconductor company’s stock valued at $63,000 after acquiring an additional 2,107 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Ceva by 422.2% in the second quarter. Tower Research Capital LLC TRC now owns 2,731 shares of the semiconductor company’s stock valued at $60,000 after purchasing an additional 2,208 shares in the last quarter. BNP Paribas Financial Markets lifted its position in Ceva by 52.7% in the third quarter. BNP Paribas Financial Markets now owns 7,907 shares of the semiconductor company’s stock worth $209,000 after purchasing an additional 2,730 shares during the period. Intech Investment Management LLC boosted its stake in Ceva by 15.4% during the fourth quarter. Intech Investment Management LLC now owns 9,415 shares of the semiconductor company’s stock worth $203,000 after buying an additional 1,258 shares in the last quarter. Finally, &PARTNERS increased its holdings in Ceva by 12.6% in the 4th quarter. &PARTNERS now owns 12,499 shares of the semiconductor company’s stock valued at $270,000 after buying an additional 1,394 shares during the period. 85.37% of the stock is owned by institutional investors and hedge funds.

Ceva Company Profile

Ceva, Inc (NASDAQ: CEVA) is a leading licensor of signal processing IP cores and platforms that enable intelligent, connected devices. The company designs a broad portfolio of digital signal processing (DSP) and AI processors, software development toolkits and reference frameworks for applications ranging from 5G wireless communications and Bluetooth connectivity to audio, computer vision, sensor fusion and edge AI. Its solutions target a variety of end markets including smartphones, automotive, IoT devices, smart home, industrial automation and wearable electronics.

Founded in 1999 as a spin-off from DSP Group, Ceva has built its reputation on delivering modular, power-efficient IP that can be customized to meet stringent performance, area and power requirements.